viewCentralnic Group PLC

CentralNic raises €50mln through maiden bond issue and upgrades expectations for year

Ben Crawford, chief executive, said he was delighted with the response to the bond issue

Trading in the TLD registry business is strong

CentralNic PLC (LON:CNIC) has raised €50mln through its debut senior secured bond issue.

The internet domain name registry added it also expects to beat market forecasts for 2019 after strong trading in the first four months of the year.

Ben Crawford, chief executive, said he was delighted with the response to the bond issue, which was supported by a wide range of debt investors globally.

The issue was oversubscribed with the notes paying a coupon of Euribor plus 7% and maturing in four years.

Funds from the bonds will help replace existing debt facilities and pay for the acquisition of TPP worldwide, an Australia-based domain name resale platform.

“This establishes CentralNic as a bond issuer and, in combination with our strong support among equity market investors, offers us considerable financial flexibility, over the medium term, to pursue our strategic growth objectives,” said Crawford.

CentralNic added that in the four months to April revenues were around US$33.8mln compared to US$9mln a year earlier.

Underlying earnings [EBITDA] jumped to US$$5.4m (US$$0.4mln) while net debt stood at US$7.4mln.

"The pleasing organic growth of our existing recurring business continues to provide a solid basis to include this increased leverage into our financial structure." 

Quick facts: Centralnic Group PLC

Price: 85.5 GBX

Market: LSE
Market Cap: £161.46 m

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